Defining a Home Warranty
A home warranty is a service contract between a homeowner and a home warranty company that safeguards and protects the fee of repairs or replacement of home systems and appliances due to erosion and deterioration. However, unlike homeowner’s insurance, it doesn’t cover damage to the house as a consequence of natural disasters, theft, or other unforeseen events. Home warranty protection offers homeowners peace of mind by covering unexpected repairs and replacements for household systems and appliances.
What Home Warranty Does and Does Not Cover?
A home warranty typically covers the costs of repairs or replacement of home systems and appliances due to normal wear and tear. Covered items may include HVAC systems, plumbing, electrical systems, kitchen appliances, and more. However, it is important to note that home warranties do not cover pre-existing conditions or items that were not properly maintained. Additionally, some items may not be covered under a normal and typical home warranty, such as items covered by other warranties like manufacturer’s or retailer’s warranty and outdoor items like sprinkler systems or pools.
How Much Does Home Warranty Cost?
The cost of a home warranty can vary depending on several factors, including the level of coverage, the home’s location, and the home’s size. The service fee selection can affect the policy’s overall cost and a lower service fee generally results in higher monthly premiums and vice versa. Make sure to look around and compare quotes from different home warranty providers to find the best deal for your needs.
Deciding Whether or Not to Buy a Home Warranty
|Provides peace of mind by covering the cost of repairs or replacement of home systems and appliances due to normal wear and tear.||Can be expensive, and the cost can vary depending on several factors – level of coverage, the house’s location, and the size of the house|
|Offers convenience by allowing you to make a single call to the warranty company to request repairs or replacement of covered items.||Some companies do not accept pre-existing conditions or items that were not properly maintained.|
|May help with budgeting for unexpected repairs or replacement costs.||Some items may not be covered by a typical home warranty, such as outdoor items like sprinkler systems or pools.|
|Can provide additional coverage beyond the standard one-year contract with an extended warranty||Home warranty companies may have limitations on the service providers they use, which can limit your options for repairs or replacement.|
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